.....Having made it clear that the slowdown wasn’t linked to rates, the central bank will now have to be convinced by clear steps from New Delhi before the central bank is expected to do its bit again. It’s not a happy mix for Subbarao just now. The much-required diesel price hike is uncertain, big-ticket reform items are still stuck in political muscle-flexing and confusion and globally, there are chances that stimulus packages may drive up commodity prices again. Reason enough for the RBI to keep the finger on that pause button.........
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